Margaret Thatcher in 1986, and Liz Truss in 2021. AP / Simon Dawson / No 10 Downing Street
Margaret Thatcher in 1986, and Liz Truss in 2021. AP / Simon Dawson / No 10 Downing Street
Margaret Thatcher in 1986, and Liz Truss in 2021. AP / Simon Dawson / No 10 Downing Street
Margaret Thatcher in 1986, and Liz Truss in 2021. AP / Simon Dawson / No 10 Downing Street

Liz Truss draws glaring parallels with Margaret Thatcher


Thomas Harding
  • English
  • Arabic

Margaret Thatcher had a penetrating stare that left colleagues unnerved and ready to do her bidding.

During conversations with fellow Tories or civil servants, Liz Truss can look into their eyes for several seconds, smiling without speaking. It can be awkward at times but it is said to have a similar effect as that achieved by her political idol.

Ms Truss - who hopes to become the UK's third female prime minister after Mrs Thatcher and Theresa May - was three when Mrs Thatcher entered office and 16 when she left in 1991. If she harboured secret teenage admiration for the effective but divisive Conservative leader, she hid it well.

The prime minister’s name would have been frequently mentioned in her household, but only in highly pejorative terms. Ms Truss’s parents, a math’s professor father and a nurse mother, were on the far left of politics, supporting the Campaign for Nuclear Disarmament and socialist causes.

Perhaps it was the contradictions of teenage rebellion that drew the teenage Liz to the Tory stalwart who her parents found so offensive.

If it did, then she made her move to the right in steady tacks, waiting until she got to the University of Oxford, where she studied PPE ― politics, philosophy and economics ― before joining the Liberal Democrats. An act, she later claimed, of rebellion and to annoy her parents and perhaps payback too, for the long hours spent on marches or demonstrations.

She rubbed it in by becoming president of the Oxford University Lib Dems and she was certainly committed, as recently unearthed television footage shows her at the annual conference, when she was 19, lambasting both the monarchy and the Conservative Party.

But graduating from Oxford and entering the business world with Shell oil appeared to have a salutary effect, witnessing the importance of the economy in shaping a country.

Liz Truss speaks to the press during a visit to Peterborough. PA
Liz Truss speaks to the press during a visit to Peterborough. PA

The Conservatives had been in power for 17 years when Ms Truss joined the party aged 21, five years after Mrs Thatcher had been ousted in another example of ruthless Tory defenestration.

Her parents’ reaction to her joining the party of Thatcher has not been fully recorded. There may well have been smug looks around the kitchen table when Tony Blair’s New Labour won the 1997 election in a landslide.

But Ms Truss was convinced the Conservatives were the natural party of government and economic management. Her conviction remained undimmed by personal election defeats as a councillor and then standing for parliament.

Her strong will caught David Cameron’s eye and she was put on the A list of candidates for the 2010 election and given a safe Tory seat. But she almost lost South West Norfolk by failing to disclose an extramarital affair that led to a vote to terminate her candidacy.

She won that and the seat and after just two years as a backbencher she was made education minister, having written some liberal-minded papers on the subject.

Margaret Thatcher waves to well-wishers outside Number 10 Downing Street following her election victory in 1979. Getty Images
Margaret Thatcher waves to well-wishers outside Number 10 Downing Street following her election victory in 1979. Getty Images

Ms Truss, who unlike the Tory elite was educated in a comprehensive school, entered Cabinet in 2014 and has remained there ever since.

She started as environment secretary, making her point by stating, unlike her predecessor, that climate change was largely man-made. She was a whole-hearted Remainer in the Brexit referendum but she quickly became a committed Brexiteer in Theresa May’s government.

It was her demotion from justice secretary to chief secretary to the treasury under Mrs May that is said to have provided a seminal political moment in which she stopped worrying what other people thought and got on with following her own path. “It marked a turning point for her,” a friend said. “Getting demoted made her realise that she had to start being herself and taking risks.”

On Ms May’s ousting she pledged allegiance to Boris Johnson and was made international trade secretary, striking a number of international free trade deals, including those with Japan and Australia.

Then in September 2021 she became foreign secretary, remaining in post while many around Mr Johnson resigned in early July.

  • British Foreign Secretary Liz Truss is one of the candidates in the race to replace Boris Johnson as British Prime Minister. Bloomberg
    British Foreign Secretary Liz Truss is one of the candidates in the race to replace Boris Johnson as British Prime Minister. Bloomberg
  • Boris Johnson and Liz Truss arrive for an extraordinary summit at Nato Headquarters in Brussels, in March this year. AFP
    Boris Johnson and Liz Truss arrive for an extraordinary summit at Nato Headquarters in Brussels, in March this year. AFP
  • Russian Foreign Minister Sergey Lavrov and Liz Truss arrive for talks in Moscow in February. AP
    Russian Foreign Minister Sergey Lavrov and Liz Truss arrive for talks in Moscow in February. AP
  • Liz Truss in Red Square during a visit to Moscow in February. Simon Dawson / No10 Downing Street
    Liz Truss in Red Square during a visit to Moscow in February. Simon Dawson / No10 Downing Street
  • Liz Truss with Marise Payne, the Australian Minister of Foreign Affairs, at Government House in Sydney, Australia, in January. Simon Dawson / No10 Downing Street
    Liz Truss with Marise Payne, the Australian Minister of Foreign Affairs, at Government House in Sydney, Australia, in January. Simon Dawson / No10 Downing Street
  • Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January to discuss the Northern Ireland protocol. Simon Dawson / No10 Downing Street
    Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January to discuss the Northern Ireland protocol. Simon Dawson / No10 Downing Street
  • Liz Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Simon Dawson / No10 Downing Street
    Liz Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Simon Dawson / No10 Downing Street
  • Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Simon Dawson / No10 Downing Street
    Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Simon Dawson / No10 Downing Street
  • Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Simon Dawson / No10 Downing Street
    Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Simon Dawson / No10 Downing Street
  • The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Simon Dawson / No10 Downing Street
    The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Simon Dawson / No10 Downing Street
  • Liz Truss with Antony Blinken, the United States secretary of state, in New York, September 2021. Simon Dawson / No10 Downing Street
    Liz Truss with Antony Blinken, the United States secretary of state, in New York, September 2021. Simon Dawson / No10 Downing Street
  • Liz Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Simon Dawson / No10 Downing Street
    Liz Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Simon Dawson / No10 Downing Street
  • When she was environmental minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
    When she was environmental minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
  • Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
    Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images

The post has allowed her to be pictured riding a tank, again drawing parallels with Thatcher, who famously was also photographed in the turret of Challenger tank, giving rise to further newspaper headlines about the Iron Lady.

Joining the Conservatives also led to romance after she met her future husband, Hugh O’Leary, at the party conference. She gave birth to two daughters who are now teenagers, Frances, 16 and Liberty, 14.

They are largely kept out of the spotlight and their political views are unknown. That privacy will be challenged if, as the polls suggest, their mother gets the keys to Downing Street in early September.

With the energy crisis, war in Europe and recession looming, as prime minister Liz Truss will be thoroughly examined on whether she is the true inheritor of Thatcher’s iron will.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Pots for the Asian Qualifiers

Pot 1: Iran, Japan, South Korea, Australia, Qatar, United Arab Emirates, Saudi Arabia, China
Pot 2: Iraq, Uzbekistan, Syria, Oman, Lebanon, Kyrgyz Republic, Vietnam, Jordan
Pot 3: Palestine, India, Bahrain, Thailand, Tajikistan, North Korea, Chinese Taipei, Philippines
Pot 4: Turkmenistan, Myanmar, Hong Kong, Yemen, Afghanistan, Maldives, Kuwait, Malaysia
Pot 5: Indonesia, Singapore, Nepal, Cambodia, Bangladesh, Mongolia, Guam, Macau/Sri Lanka

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Updated: July 22, 2022, 1:09 PM